American Funds 2015 Target Date Retirement Fund®

Overview

American Funds 2015 Target Date Retirement Fund may be appropriate for investors seeking:

A prudent way to save for retirement in a single fund

An investment that adjusts over time to meet their changing needs

A portfolio of American Funds designed for someone retiring around 2015

Objective

Depending on the proximity to its target date, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital.

Manager

The fund is managed by Capital Research and Management Company, one of the nation’s oldest, largest and most respected investment management firms. Since 1931, Capital Research has invested with a long-term focus based on thorough research and attention to risk.

Fund information

Began operations:2/01/07

Net and gross expense ratios:*1.40% / 1.50%

Investment expenses paid annually:$14.00 for a $1,000 balance

Ticker symbol:RBJTX

*The investment adviser is currently waiving its management fee of 0.10%. After December 31, 2015, the adviser may modify or terminate the waiver, but only with fund board approval. In addition, the investment adviser has in the past reimbursed certain expenses for all share classes. Net expense ratios reflect the waiver and reimbursements, without which they would be higher. The expense ratios are as of each fund’s prospectus and include the weighted average expenses of the underlying funds. Please see the fund’s most recent prospectus for details.
You can estimate the investment expenses you’re paying annually by multiplying your balance in the fund by the net expense ratio.

Underlying funds

(as of 12/31/14; percentage of net assets; Portfolio Series funds are actively monitored, so allocations will change)

American Funds Global Balanced FundSM will be added to the glide path effective January 2, 2015.

Past results

The bar graph below shows the fund’s annual results and illustrates the fund’s fluctuations over the past 10 years. (These percentages are based on Class R-2 shares at net asset value after the share class inception date of May 15, 2002. All Class R-2 share results prior to this date, or prior to the date of first sale, are hypothetical based on Class A share results, adjusted for typical additional estimated expenses, and are calculated without a sales charge. These results are updated annually as of 12/31. Other share class results will vary.)

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown here. For more current information and month-end results, click here. Share price and return will vary, so you may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Average annual total returns through 12/31/14

Class R-2 Shares

Latest10 years

Latest5 years

Latest3 years

Latestyear

At net asset value

4.11%
§

8.08%

10.10%

5.54%

Investment results reflect the deduction of applicable fees and expenses and the reinvestment of all distributions. The investment adviser is currently waiving its management fee of 0.10%. After December 31, 2015, the adviser may modify or terminate the waiver, but only with fund board approval. In addition, the investment adviser has in the past reimbursed certain expenses for all share classes. Investment results reflect the waiver and reimbursements, without which the results would have been lower. See results without waivers and/or reimbursements. Read details about how waivers and/or reimbursements affect the results for each fund.

§ Since the investment option’s inception on 02/01/2007.

In applying any particular asset allocation model to your own individual situation, you should consider your other assets, income and investments. For example, in addition to your retirement plan investments, you should consider any investments (including those in an Individual Retirement Account) and savings accounts.

The fund is subject to the risks and returns of the underlying funds.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund.

Shares of U.S. Government Securities Fund are not guaranteed by the U.S. government.

While not directly correlated to changes in interest rates, the values of inflation linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

Although the fund is managed for investors on a projected retirement date time frame, the fund’s allocation strategy does not guarantee that their retirement goals will be met. American Funds investment professionals actively manage the fund’s portfolio, moving it from a more growth-oriented strategy to a more income-oriented focus as the fund gets closer to its target date.

The target date is the year in which an investor is assumed to retire and begin taking withdrawals. Investment professionals continue to manage each fund for 30 years after it reaches its target date.

Underlying funds and their allocation percentages are subject to the Portfolio Oversight Committee’s discretion and will evolve over time. Underlying funds may be added or removed during the year.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider the investment objectives, risks, charges and expenses of the American Funds. This and other important information is contained in each fund’s summary prospectus and prospectus, which can be obtained from your financial professional or downloaded and should be read carefully before investing. You can find a link to the prospectus at the top of the page.